By Marisa Wong
Madison, Wis., June 18 - Citigroup Inc. priced $15.85 million of 15.25% annualized autocallable equity-linked securities due June 19, 2014 tied to United States Steel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
The notes will be automatically redeemed at par of $10 plus interest if U.S. Steel shares close at or above the initial share price on Sept. 16, Dec. 16 or March 17, 2014.
If the notes are not called and the final share price is at least 80% of the initial share price, the payout at maturity will be par. Otherwise, the payout will be a number of U.S. Steel shares equal to $10 divided by the initial share price or, at the issuer's option, an equivalent amount in cash.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Inc.
|
| Issue: | Autocallable equity-linked securities
|
| Underlying stock: | United States Steel Corp. (NYSE: X)
|
| Amount: | $15,845,000
|
| Maturity: | June 5, 2014
|
| Coupon: | 15.25%, payable quarterly
|
| Price: | Par of $10
|
| Payout at maturity: | Par in cash unless U.S. Steel shares finish below threshold price, in which case 0.558971 shares of U.S. Steel stock or cash equivalent
|
| Call: | Automatically at par if U.S. Steel shares close at or above initial share price on Sept. 16, Dec. 16 or March 17, 2014
|
| Initial price: | $17.89
|
| Downside threshold price: | $14.31, 80% of initial price
|
| Pricing date: | June 14
|
| Settlement date: | June 19
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 173095415
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
